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Fitch Ratings has updated its Investment Manager and Alternative Funds Criteria report, which applies to the ratings of traditional investment managers, alternative investment managers, business development companies and alternative funds.
The updated criteria report replaces the existing report of the same name that was published on 17 December 2012.
Changes to the criteria report are solely intended to provide appropriate clarifying language regarding Fitch's analytical approach, and do not reflect any changes in Fitch's analysis. As such, no rating implications arise as a result of the updated criteria report.
JTC Group has acquired Anson Fund Managers Limited (AFML), the fund administration business of the Anson Group, which is based in Guernsey and represents GBP11.5bn in funds under administration.
AFML specialises in providing a wide range of support services to companies and funds. Its clients include trading companies, open ended and closed ended funds and unit trusts, investment companies and limited partnerships, many of which are listed on stock exchanges such as the London Stock Exchange, Euronext and AIM.
In addition to working for many London listed companies including FTSE 350 members, AFML also acts for a third of
U-Boat Worx has partnered with Exa Limited, a company owned by entrepreneur Tan Sri Lim Kok Thay who spearheads the Asian conglomerate Genting Group.
The partnership is aimed at advancing U-Boat Worx’ growth path in the coming years, which includes increased production capacity, reduction of delivery times, and improvement of global support.
“This is an innovative product that offers the unique experience of deep-sea exploration and ocean diving without getting into scuba gear. I am impressed that U-Boat Worx’ team has established the company as the market leader in the field of manned submersibles, notwithstanding the adverse economic environment,”
KBL European Private Bankers (KBL epb) has appointed Marc Formisani, a senior professional with more than a decade of corporate finance experience, as head of mergers & acquisitions, based in Luxembourg.
Formisani will lead, coordinate and execute the M&A process, in close collaboration with all relevant stakeholders.
He has also been mandated to provide analysis and act as a trusted advisor to the KBL epb executive committee.
“Today, KBL epb has significant growth ambitions and the full support of our shareholder to achieve our goals,” says Jacques Peters, group chief executive, KBL epb. “Marc Formisani will play a
Private investors Francis Louvard and Gregory Ingram have acquired just under 90 per cent of the shares in KGAL.
The firm is a specialist in fund and asset management and is headquartered in Grünwald, near Munich.
The current owners, Commerzbank, Bayerische Landesbank, Haspa Finanzholding and Sal. Oppenheim, retain a stake of around 10 per cent.
CMS Hasche Sigle advised the two investors on all legal aspects of the purchase via a team led by Dr Peter von Borch and Richard Mitterhuber.
The KGAL Group is an asset manager for tangible assets, specialising in real estate, infrastructure, aircraft
Carey Olsen has advised Nordic private equity firm FSN Capital Partners on its latest fund, FSN Capital IV, which closed with SEK5.25bn (EUR600m) of commitments.
FSN Capital was established in 2000 and primarily focuses on mid-marked Nordic companies with significant potential to become international leaders.
FSN Capital IV held its final close on 19 November 2013 exceeding its target of SEK5bn (EUR565m). Its previous fund, FSN Capital III, closed in 2008 at EUR375m.
Fundraising for FSN Capital IV was ended late September (for all but one investor) two months after the first closing and only six months after
The British Venture Capital Association (BVCA) is to offer Lorega’s loss recovery insurance (LRI) to its members via its Advantage platform.
The deal will enable BVCA’s 500 members to purchase Lorega’s home and business LRI products quickly online via BVCA Advantage, a platform for insurers and other service providers to offer preferential terms to members.
Lorega created the LRI policy over 25 years ago. It pays the cost of an independent and Financial Conduct Authority authorised loss adjuster to help clients quickly prepare, negotiate and secure a fair settlement for their insurance claims following a loss.
The BVCA’s
The Russian Direct Investment Fund (RDIF) and Baring Vostok Private Equity Fund V (BVPEF V) have made a joint investment of USD48m into newly issued shares of Tigers Realm Coal (TIG).
TIG has coking coal assets in the Chukotka province in Russia’s Far East.
RDIF will invest a total of USD14.9m with BVPEF V contributing USD33m. Additionally, the current shareholders of TIG will have the right to invest up to USD8.7m.
Following completion, RDIF will become an 11 per cent shareholder in TIG.
The funds will be used by TIG to complete a Bankable Feasibility Study (BFS)
Syntaxis Capital, a provider of mezzanine finance in Central Europe, has boosted its responsible investment credentials with the appointment of Rupert Coull, an expert in environmental, social and governance (ESG) principles.
Coull will take on central responsibility for all elements of the firm’s ESG policy, as Syntaxis furthers its commitment to responsible investment.
Coull joins the firm with more than a decade’s experience in finance. Having initially qualified as a barrister, he spent eight years in investment banking, working for firms such as Cazenove and Merrill Lynch. Most recently he ran a large private equity portfolio at a pension
Revere Capital Advisors, the New York and London-based boutique financial services firm, has formed Revere Merchant Capital (RMC), a new merchant banking group.
Revere has recruited externally to assemble a senior team which is comprised of Albert G Pastino, executive vice chairman, responsible for the strategic direction of RMC; Colby W Collier, president, and responsible for the overall operation of the firm; and William H Haemmerle who joins as managing director and is responsible for M&A advisory, capital formation and all other investment banking services.
RMC will lead and co-invest in equity and debt financings in connection with change
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